In 1958 he joined the Douglas Aircraft Company in California
where he worked as a Research Engineer, Program Manager and Chief
Engineer. Beginning in 1965, he served in the Office of the
Secretary of Defense as Assistant Director of Defense Research and
Engineering. He joined LTV Missiles and Space Company in
1970, serving as Vice President, Advanced Programs and Marketing.
In 1973 he returned to the government as Assistant Secretary of the
Army and in 1975 became Under Secretary of the Army, and later
Acting Secretary of the Army. Joining Martin Marietta Corporation in 1977 as
Vice President of Technical Operations, he was elected as CEO in
1987 and chairman in 1988, having previously been President and
COO. In 1990, he chaired the Advisory Committee on the Future of the U.S.
Space Program, known as the Augustine Committee. He served as
president of the Lockheed Martin Corporation upon the
formation of that company in 1995, and became CEO later that year.
He retired as chairman and CEO of Lockheed Martin in August 1997,
at which time he became a Lecturer with the Rank of Professor on
the faculty of Princeton University where he
served until July 1999.

Space
Foundation's General James E. Hill Lifetime Space Achievement
Award in 2002. The highest honor bestowed by the Space Foundation,
the award recognizes outstanding individuals who have distinguished
themselves through lifetime contributions to the welfare of
betterment of humankind through the exploration, development and
use of space, or the use of space technology, information, themes
or resources in academic, cultural, industrial or other pursuits of
broad benefit to humanity. Augustine was the first recipient.

USO's Freedom's Finest Award, 2004

The Harold W. McGraw Hill, Jr. Prize in Education, 2006

The 2006 BENS Eisenhower Award [Business Executives for
National Security]

From Wikiquote

Unsourced

The thickness of the proposal required to win a
multimillion-dollar contract is about one millimeter per million
dollars. If all the proposals conforming to this standard were
piled on top of each other at the bottom of the Grand Canyon, it
would probably be a good idea.

The more time you spend talking about what you have been doing,
the less time you have to do what you have been talking about.
Eventually, you spend more and more time talking about less and
less until finally you spend all of your time talking about
nothing.